RAINBOW(002419) 申万宏源·2025-01-28 01:47Investment Rating - The investment rating for Tianhong Co., Ltd. is "Buy" (maintained) [1] Core Views - The company is facing pressure on its performance in 2024, with a focus on optimizing its business model and enhancing digital capabilities to improve operational efficiency [7][8] - The company anticipates a significant decline in net profit for 2024, with estimates ranging from 60.30% to 73.53% year-on-year [7] - The retail environment remains competitive, impacting overall sales and profitability, but the shopping center segment shows resilience and growth potential [7] Financial Data and Profit Forecast - Total revenue for 2023 is reported at 12,086 million, with a slight expected increase to 12,145 million in 2024, and further growth to 12,376 million in 2025 [6][9] - The net profit for 2023 is 227 million, with a forecasted decline to 77 million in 2024, followed by a recovery to 155 million in 2025 [6][9] - The gross margin is projected to decrease slightly from 38.3% in 2023 to 36.9% in 2025, reflecting changes in the cost structure and competitive pressures [6][9] Business Strategy and Outlook - The company plans to continue upgrading its offline business model and invest in digital transformation to enhance store operational capabilities [7] - The shopping center segment is expected to attract key brands and improve sales, while the department store segment is undergoing adjustments to meet changing consumer demands [7] - The company aims to leverage its digital capabilities, including a large base of digital members and significant online sales, to drive efficiency and growth [7]